Peter Mandelson has been installed at 12/1 to be the next mayor of London following Ken Livingstone’s assertions the Business Secretary would run for the post.

However whilst Mandy and his admirers may want him to follow in the footsteps of his grandfather Herbert Morrison, who ran the LCC in the 1930s, bookie Paddy Power’s current betting suggests there’s a long way to go before that happens in 2012 with present mayor Boris Johnson the 8/11 favourite and his predecessor Livingstone 8/1 to return.

Mandelson is also 4/1 to be Labour’s official candidate with Ken Livingston the 7/2 favourite for another run in the capital. Other names in the running include David Lammy at 5/1 and Alan Sugar at 6s.

Darren Haines, spokesman for Paddy Power, said: “It’s unlikely such a political operator as Mandy would put himself forward in any election unless he thought he could win it. That wouldn’t appear to be the case at the moment but the situation could change if Boris and the Tories shoot themselves in the foot before 2012.”

Next Mayor of London
8/11      Boris Johnson   
8/1        Ken Livingstone
11/1      David Lammy
12/1      Peter Mandelson
12/1      Alan Sugar       
66/1      Tony McNulty   
200/1    Jeremy Clarkson

Labour’s 2012 London Mayoral Candidate
7/2        Ken Livingston
4/1        Peter Mandelson
5/1        David Lammy
6/1        Alan Sugar